HomeReady™ Mortgage

The HomeReady™ Program


Helping More Buyers Achieve Homeownership! FHA alternative designed to help creditworthy homebuyers with limited income in designated areas.


  • Low Down Payments
    • Gift funds and grants allowed for entire amount.
    • Borrower does not need own funds.
  • Conventional Financing
    • No up-front mortgage premium.
    • Reduced private mortgage insurance (PMI) premiums.
    • PMI eligible for cancellation when home's equity reaches 20% (unlike FHA)**
  • Flexible Guidelines
    • Debt-to-income (DTI) ratio up to 50%.
    • Non-borrower income considered for qualification.


  • Homeowner Education: Required for at least 1 borrower. $75 completed prior to closing. 
  • Occupant Borrowers may not have ownership interest in any other residential property at time of closing. 
  • Notes: *owner-occupied 1-4 unit properties eligible
  • Eligibility requirements, exclusions, and other terms and conditions apply. 


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